[Featured Stocks] Lotte Fine Chemical and Related Shares Surge on Reports of China Halting Rare Earth Exports

The stock prices of related companies are showing strong performance following reports that the Chinese government has instructed some of its fertilizer companies to halt urea exports.

As of 9:38 a.m. on the 8th, Lotte Fine Chemical was trading at 62,400 KRW, up 5.76% from the previous close. Additionally, KG Chemical surged 15.32% to 8,430 KRW.

Bloomberg reported the previous day that under the Chinese government's directive, some major Chinese fertilizer manufacturers have not been signing new export contracts since early this month. This has led to expectations of a windfall for domestic urea solution producers, resulting in a sharp rise in their stock prices.

South Korea is known as the largest importer of Chinese urea, and previously experienced a shortage crisis in 2021 due to China's export restrictions on urea.

Furthermore, fertilizer-related stock Jobi hit the upper price limit, and Mirae Life Resources traded up 10.20% at 5,230 KRW.